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Boards of Trustees of The Mount Sinai Medical Center and Continuum Health Partners Vote on a Combined Entity to be Called the Mount Sinai Health System

Final regulatory approvals are underway and expected to be completed this fall.

New York, NY

– July 16, 2013 /Press Release/ ––

The Boards of Trustees of The Mount Sinai Medical Center and Continuum Health Partners have voted unanimously to approve joining their institutions into a combined entity to be called the Mount Sinai Health System, and a Definitive Agreement has been signed. Final regulatory applications are underway and approvals are expected to be completed this fall.

"Our goal in combining to form an integrated health care system and academic medical center is to provide exceptional medical care to New Yorkers," said Kenneth L. Davis, MD, President and Chief Executive Officer of The Mount Sinai Medical Center, who will serve as President and Chief Executive Officer of the new entity, the Mount Sinai Health System. "The combination will create increased efficiencies and expand access to advanced primary and specialty care throughout this citywide system."

The chairmen of both Boards of Trustees, Peter W. May for Mount Sinai and Steven Hochberg for Continuum, said they are pleased that their respective Boards unanimously approved the combination. Mr. May will serve as chairman of the Board of the new entity, Mount Sinai Health System, and Mr. Hochberg will serve as a senior vice chairman of the Boards of Trustees.

"After spending the past six months in intensive talks with Continuum about how we can combine to better serve patients, I am confident that our leaders are working well together to create an exceptional health system that will serve as a model for the entire country," said Mr. May. The Boards for Mount Sinai and Continuum had previously signed a Memorandum of Understanding to pursue a combination, which was announced on February 28, 2013.

Mr. Hochberg concurred. "There is no question that the future holds many challenges for healthcare providers here in New York and across the country," he said. "The new entity created by bringing together the clinical and administrative excellence of Mount Sinai and Continuum will help provide us a position of significant strength and resourcefulness to meet these challenges head on and continue to provide excellent medical services to our communities."

Stanley Brezenoff, President and Chief Executive Officer of Continuum, added that "this combination makes readily available a more robust and multi-disciplinary network of services that neither institution could have offered independently. And the main beneficiary of this expanded care delivery system will be the tens of thousands of patients both locally and from around the globe who turn to our hospitals each year for medical care." Following the closing of the transaction, Mr. Brezenoff will retire from his current role and serve in an advisory capacity to the leadership during the transition process.

Physicians and scientists affiliated with Continuum hospitals will assume academic appointments at the Icahn School of Medicine at Mount Sinai. All affiliations that Continuum currently has with other medical schools will be transitioned to Mount Sinai, which will be the sole medical school for the System. Dennis S. Charney, MD, Anne and Joel Ehrenkranz Dean of Icahn School of Medicine at Mount Sinai and Executive Vice President for Academic Affairs of The Mount Sinai Medical Center, sees the opportunity for increased research collaboration. "We will build on Mount Sinai's legacy of groundbreaking clinical and translational research that has led to improved methods of diagnosing and treating human disease," said Dr. Charney. "With this combination, we will widen our research base and accelerate the pace of breakthrough treatments and protocols. The combination will also provide for an outstanding and diverse educational experience for our medical students, residents, and fellows."

The Mount Sinai Health System would include the following major hospital campuses in the metropolitan area:

Beth Israel Medical Center (Manhattan)

Beth Israel Brooklyn

The Mount Sinai Hospital

Mount Sinai Queens

New York Eye & Ear Infirmary

St. Luke's Hospital

Roosevelt Hospital

About The Mount Sinai Medical CenterThe Mount Sinai Medical Center encompasses both The Mount Sinai Hospital and Icahn School of Medicine at Mount Sinai. Established in 1968, the Icahn School of Medicine is one of the leading medical schools in the United States, and is noted for innovation in education, biomedical research, clinical care delivery, and local and global community service. It has more than 3,400 faculty in 32 departments and 14 research institutes, and ranks among the top 20 medical schools both in National Institutes of Health (NIH) funding and by U.S. News & World Report.

The Mount Sinai Hospital, founded in 1852, is a 1,171-bed tertiary- and quaternary-care teaching facility and one of the nation's oldest, largest and most-respected voluntary hospitals. In 2012, U.S. News & World Report ranked The Mount Sinai Hospital 14th on its elite Honor Roll of the nation's top hospitals based on reputation, safety, and other patient-care factors.

About Continuum Health Partners
Continuum Health Partners was created in January 1997 as the parent company for the partnership among four distinguished voluntary hospitals: Beth Israel Medical Center, Beth Israel Brooklyn, St. Luke's Hospital and Roosevelt Hospital. Building upon the strength of these institutions, Continuum began the development of a broad-based, integrated health services network extending throughout the New York metropolitan region. In 2000, New York Eye & Ear Infirmary, the oldest specialty hospital in the Western Hemisphere, joined the Continuum family, broadening the influence of each member institution and the partnership as a whole. Today, Continuum delivers inpatient care in five hospital facilities in Manhattan and Brooklyn. The Continuum network also encompasses many community-based ambulatory health centers and group and private practice settings throughout the New York metropolitan region.